Supertrend TP SL (PRO)

The Supertrend TP SL (PRO) tool provides an automated trading framework based on the popular Supertrend indicator, integrating customizable risk management levels directly onto the chart.

Usage

The script is used to identify trend reversals and manage trades through automated entry and exit execution. When the Supertrend flips from bearish to bullish, a Buy signal is triggered; conversely, a Sell signal is triggered when the trend flips from bullish to bearish. Users can utilize the visual Take Profit (TP) and Stop Loss (SL) lines to understand where their risk boundaries lie relative to the entry price.

The strategy allows for directional filtering, meaning traders can choose to only execute Long trades during a bull market or Short trades during a bear market. The integration of manual overrides for TP/SL also allows users to manage exits themselves while relying on the script for entries.

Details

The core logic is built upon the Supertrend calculation, which utilizes the Average True Range (ATR) multiplied by a sensitivity factor to determine support and resistance levels. When price crosses these dynamic levels, the trend direction is redefined.

To enhance risk management, the script calculates exit levels based on "points," where 1 point equals the minimum price movement (syminfo.mintick) of the instrument. This ensures that the TP and SL distances are mathematically consistent across different asset classes, from Forex to Equities.

Settings

Supertrend

• ATR Length: Determines the lookback period for calculating volatility. Higher values result in a smoother, less reactive indicator.
• Factor: A multiplier applied to the ATR. Increasing this value makes the indicator less sensitive to minor price fluctuations, reducing false signals.
• Show Supertrend: Toggles the visibility of the primary Supertrend line on the chart.

Risk Management

• Take Profit Points: The distance from the entry price to the target profit level, measured in ticks.
• Stop Loss Points: The distance from the entry price to the exit level for capital protection.
• BUY/SELL Trades: Enable or disable specific trade directions.
• Take Profit/Stop Loss: Toggles the automated execution of exit orders.

Style & Colors

• Line Style: Controls the visual appearance (Solid, Dashed, Dotted) of the TP and SL lines.
• Label Size: Adjusts the size of the 'TP' and 'SL' text labels on the chart.
• Color Options: Customizable colors for bullish/bearish trends and exit levels to suit different chart themes.

FAQ

How do I access Supertrend TP SL (PRO)?

You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.

Can I change the sensitivity of the signals?

Yes, by adjusting the ATR Length and the Factor in the Supertrend settings, you can make the strategy more or less sensitive to price movements.

Does this script work on all timeframes?

While the script can be applied to any timeframe, it is recommended to backtest settings for your specific asset and timeframe to ensure optimal performance.